“Soft” Climate Change Exposure and Firm Performance Across Countries: Legitimacy Theory Perspective
基于合法性理论，研究了40个国家6228家公司2001-2021年间“软”气候变化暴露对企业绩效的影响，发现行业和暴露内容（机会、监管、物理）不同，绩效影响各异。
ABSTRACT This paper examines the impact of a firm‐level ‘soft’ measure of climate change exposure on the performance of 6228 companies across 40 countries (2001–2021) using legitimacy theory. We find that the relationship between climate change and performance is contingent upon industry and the content of climate change exposure (opportunities, regulatory, and physical). Industry‐level analysis reveals that the top 10 high‐exposure industries generally experience negative performance impacts, whereas the bottom 10 low‐exposure industries exhibit positive effects. In terms of content, physical exposure positively affects performance, regulatory exposure negatively impacts performance, and opportunity exposure shows an insignificant positive effect. Climate change thus presents industry‐ and content‐specific risks and opportunities, highlighting the need for targeted policy incentives to encourage genuine climate‐related investments. Theoretically, climate exposure conveys either symbolic legitimacy (tokenism without real impact) or substantive legitimacy (genuine, tangible effects), depending on industry context and the nature of exposure.